Nokia tenders for up to €150 million of its 1% notes due 2021

By Rebecca Melvin

New York, May 6 – Nokia Corp. began a tender offer to purchase up to €150 million of notes from its outstanding issue of 1% notes due March 15, 2021, according to a 6-K filing with the Securities and Exchange Commission and a London Stock Exchange filing on Wednesday.

The company announced the €150 million cap after announcing the launch of the offer earlier in the day.

The company plans to fund the cash tender with proceeds of €500 million of new 3 1/8% eight-year notes offered under Regulation S.

The price of the repurchased notes is €1,003.01 per €1,000 note for a purchase yield of 0.6%, together with any accrued interest.

If more notes are accepted for purchase than the maximum acceptance amount, the notes will be scaled by a pro-ration factor equal to the final maximum acceptance amount divided by the notes that have been validly tendered. Each such tender will be rounded down to the nearest €1,000 in nominal amount after application of the pro-ration factor.

The tender offer will expire at 11 a.m. ET on May 13 with settlement expected on May 15.

Barclays Bank plc (+44 20 3134 8518, eu.lm@barclays.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7552 6157, liabilitymanagment.eu@gs.com) and Nordea Bank Abp (+45 5547 4253, nordealiabilitymanagement@nordea.com) are acting as joint dealer managers for the tender.

The communications technology provider is based in Espoo, Finland.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.